World oil consumption is expected to grow by 1.3 million bbl/d in both 2008 and 2009, slightly lower than projected in last month’s report, in response to higher projected oil prices and increased risks of a global economic slowdown. Non-OECD countries are expected to account for 1.1 million bbl/d of world consumption growth in 2008, with gains concentrated in China, the Middle East oil-producing countries, India, and other Asian countries.
The OECD countries are expected to register a gain of over 0.2 million bbl/d in consumption in 2008, compared with a decline of 0.2 million bbl/d in 2007, reflecting both weather factors and increased demand for oil in Japan for power generation caused by nuclear facility outages. Japan’s oil input at electric utilities in January 2008 was up by 225,000 bbl/d compared with year-earlier levels. |
